Did you know, the earliest record of human consumption of eggs goes as far back as 1400 B.C? Another fun fact, June 3rd is known as National Egg Day! While you and I think we may know everything about eggs, the Keith Smith Company located in Hot Springs, Arkansas, is the true experts when it comes to eggs.
The Keith Smith Company is a third-generation family company with over 70 years of specializing in broiler hatching eggs. They are the largest independent producer and provider of broiler hatching eggs in the United States, but their service market includes countries around the world.
Earlier this year, Ron Faubion, the Chief Financial Officer of the Keith Smith Company, participated in an EXIM Town Hall titled “Arkansas Export Experiences.” During the discussion, Ron shared the story of how EXIM enabled the Keith Smith Company to offer open account credit terms to international customers and grew through exporting. “Ten years ago, we began working with EXIM. EXIM’s Export Credit Insurance provided a level of security that was a perfect fit for us to expand internationally. Since we began our relationship with EXIM, the company doubled in size, from a top line revenue and employee standpoint. I really have to attribute that growth to EXIM providing the security we needed to establish those relationships internationally."
By utilizing EXIM’s insurance, the Keith Smith Company was able to build and strengthen relationships with their international distributors and buyers. The insurance policies allowed Keith Smith to avoid requiring deposits and any upfront investments and provided protection if a foreign buyer didn’t pay. This provided peace of mind for the Keith Smith team and flexibility for all parties involved, which made the transactions easier to finalize. Ron said “When it was time to collect on the invoices, it was a comfort knowing EXIM was there to stand behind and support us. We knew this wouldn’t be an area we would have to worry about, knowing we would get paid if a situation came up.”
EXIM’s primary mission is to support U.S. exporters like the Keith Smith Company, and help them be competitive in the global market. If you are interested in learning how EXIM can help your company grow and be successful internationally, request a free consultation today. EXIM has trade finance specialists located nationwide who are ready to help reduce the risk of exporting and boost your international sales!